Because the s p 500 is down a little bit more than it had been , down poured 4 . Earlier it had been down. 1 . Perhaps a reason for caution overall to think maybe the difficulties around the nearterm may continue to move ahead. If we look at havens on the week, we have the yen climate against the dollar and bonds higher. Some reason for caution, but small moves. David one piece of news overnight. Late yesterday we heard Steven Mnuchin had sent a letter to his friend jay powell saying please give us back the money we gave you for the emergency Lending Programs. He probably did not like jay powell do not like that much. Did the markets like that . Abigail we have not seen much of reaction. Bonds are lower which means yields are higher. What is interesting is we do have a reaction for the financials. The financials typically would climb on yields going higher, but they are not. There i be uncertainty around this bat and what it means. The lifeblood of this rally coming out of the march lows has been the fed liquidity and the assurance they stand by ready to do whatever it takes. If the lifeblood is being taken back, that could be a concern. We are not seeing those concerns relative to stocks. Stay tuned, if there is any sign that will get worse, that could be an issue. That would be a systemic concern for investors. David thank you so much for that report from abigail doolittle. Covid is surging again at this time it is not just the northeast or the south. It is all across the country. It is coming back to the northeast, including connecticut which reported 2400 cases yesterday and a Positivity Rate of 6. 9 . We welcome the 89th governor of connecticut, ned lamont. I understand you are passing a milestone today. Let me first ask about you personally. I understand members of your staff have tested positive. Youre in quarantine. How are you . Gov. Lamont i am doing fine. With an abundance of caution im staying close to home. And member of the staff did test positive and that is why we quarantine for a while. David in the meantime youre passing the landmark of 100 thousand cases for the state of connecticut. Give us the state of the state as it were with respect to covid . Gov. Lamont we have 100,000 cases, six point 6 positivity. We have the lowest and that we had the country up until a few months ago. We are creeping up now. As you are reporting out on the last time around it was regional. It is no longer regional. There is no elsewhere. There is no way for us to get nurses from more people. It is in all 50 states and every single town in the state of connecticut. David i was going to ask about the distribution. Ive been looking at a chart you put up with red for more than 15 cases per 100,000. Premuch the whole state is red. Is there a variation according to geography or demographics, age, for example . Gov. Lamont we are doing so much more testing. Well over 200,000 a week. We are detecting the virus earlier. We do have a younger demographic. We are getting folks quarantined earlier. If folks go to the hospital, we are detecting that earlier. Theyre spending less time the hospital, all of which is good news. I would say the Community Spread is pretty broad and it can be in an urban area like connecticut or a more rural area like norwich connecticut. Guy what are you thinking david what are you thinking about with respect to closures . We are seeing actions by local leaders, different approaches. What are you planning for connecticut . Closed our we have restaurants after 10 00 at night. Reduced capacity to 50 . What i am really focused on is boards. ,e down a lot in the classroom the inventions are not happening in the eyes drink, but it is a ink, but itthe ice r is driving up to the ice rink. High School Schools put off until january 19, club sports put off until january 19. Im doing everything i can to keep our schools up, i think it is vital for mental health, especially k through four i, very low infection rate k through five. Very low infection rate. Doing everything we can to keep our schools open. David lets talk about where we go from here. The vaccine may be coming, though it looks like well have a tough time getting there. Acting head of Public Health said you do not have the money for distribution. Is that right . Gov. Lamont there is not much federal money so we are working as best we can. Theleading our backs leader of our Vaccination Committee is great. Fund. E a rainy day it is raining germs. We will not pinch pennies when it comes to getting the vaccine out to everybody in need. David what are you looking for from the Biden Administration . Lets jump ahead to january 20. What would you like to see from the Biden Administration . Gov. Lamont lets all speak with one voice when it comes to the mask, when it comes to social distancing. We had dissidents over the last eight months, that was a confusing message to people. Support,o, in terms of lets put in place a strategic vaccination plan, lets fund that so all of our 50 states are working in lockstep and we get this done appropriately. Thirdly, state and local aid, particular for Small Businesses to help us power through so we could avoid what could be a real recession. David what is your situation with respect to the economy, your situation with respect to unemployment . Unemployment is less than 10 , but as you know, it is a service economy, it is restaurants, it is retail where a lot of the employment takes place. I hope we can keep these things open. Retail we can keep open because we can do that safely if there is no overcrowding. We will know a lot more in the next couple of weeks, what way . David we sure will. It looks pretty bad at this point as a practical matter. As we look forward come is there much communication out of the Trump Administration out of the Distribution Plan . We are told there is a plan. I have not heard it. Gov. Lamont i have a lot of informal relationships with the Trump Covid Task force and the biden task force. Official communication from the trump team is not too consistent right now. David lets talk about how it is changing connecticut. What are you seeing in terms of immigration into connecticut, for example from new york, and outgoing from connecticut into other states . Probably 30,000 families have moved into connecticut in the last five or six months. Overwhelmingly coming from new york, they want a less congested environment, may a backyard, maybe it is easier to quarantine. I do not wish ill of new york. We are part of the Greater New York ecosystem. To me to still the capital of the world and we will work through this together. David what about the cooperation . I understand youve been meeting with other regional governors. What comes out of that . What you come up with as an approach . Gov. Lamont i could do something with bars or restaurants, but if andrew cuomo and Charlie Baker in massachusetts are not on the same page, it is meaningless. We work very closely. Was we announced last week thousands and thousands of college kids coming back to our region, some from the university of south dakota where you have a 40 retention rate. We want to get the message out to universities and airlines that you have to test before you get on that plane, quarantine, and test when you land. That is how you would keep your family safe in your community safe. Working as athat practical matter . You have prominent educations of higher learning. What are you doing with people leaving your state and college kids coming back in your state as we approach the holidays . Gov. Lamont we have given the same counsel to our existing colleges because we are sending thousands of kids back across the country. Test these kids before they leave. Do there states a favor, just like we are asking other universities to test the connecticut kids before they come back here. You mentioned the 40,000 people coming into connecticut. Have you had outflow . Are you losing prominent people from connecticut . Gov. Lamont the number one state where people leave connecticut to go to is new york. We are all part of the same regional system. Then it is california. Florida, people of a certain age to migrate to florida. They have been doing that for we had an income tax and after we had an income tax. I am pleased connecticut is getting younger. A lot of young families moving to the state. I feel we have the wind to our back and we have to take advantage. You mentioned the rainy day fund. Theretions were projections your Credit Rating has improved. How did you do that . Gov. Lamont we put in place of rainy day funds of the legislature cannot spend that money. Wait a place where revenues collapsed where revenues would not collapse and we did not have to raise taxes or social Services Great we have 15 of our budget salted away. This is the time to put it to use when it comes to Public Health, more testing, more track and trace, more vaccination support until President Biden steps up and gives us federal relief. David you do not have the federal relief yet. What is happened with the employment by the state of connecticut . Gov. Lamont we are not feeling any jobs this point. Our overall state workforce is down a little bit. Overall employment stays pretty old. We have 88 to 90 of our gdp is back. We kept manufacturing going, construction going. Retail is back. If restaurants had to close, that would impact unemployment daytime. One of the issues is the state and local tax. Do you expect the joe Biden Administration might turn that around and could that help your state . Gov. Lamont absolutely. Salt, implemented in the Trump Administration, was probably the biggest tax increase our region has seen in a long while. Greenwich. They talk about these things all of the time. The good news for us is we ended last year with a small surplus. We got the rainy day fund. No plans to raise any taxes, so at least people your certain with have a degree of certainty we plan for the situation we are in. Was the situation with your hospitals. We are seeing hospital beds being used up. It is not specific areas, it is across the country, so you cannot borrow from other regions. I cannot pay peter to pay paul. There are no peters left. People are spending a lot of time in the icu than they did a lot less time in the icu than they did in april and may. A lot less time that they did on the vence. Vence were very laborintensive, but there is exhaustion for the nurses and doctors and were doing everything we can to get a print as nurses in so we can fill out our support as we go through a couple more months of regular hits. David always a pleasure to talk with you. Have a good thanksgiving in connecticut. Many thanks to ned lamont of connecticut. Coming up, we talk with one of the members of president elect bidens Coronavirus Task force. He is dr. Eric goosby of the university of california medical school. David this is balance of power on Bloomberg Television and radio. We turned to Mark Crumpton for first word news. President trump is reaching out directly to michigan lawmakers to try to overturn the states vote. Bloomberg has learned the president s meeting with republican members of the state legislatures today. Some trump allies have urged him to persuade legislatures to overrule voters and give him the states Electoral College votes. Treasury secretary Steven Mnuchin says he wants to try to revive a stimulus stalemate with congressional democrats. He revealed he is meeting with pop republicans to devise a plan to approach nancy pelosi and Senate Democratic leader chuck schumer. Close en schumer wrote to Mitch Mcconnell asking him to return to the negotiating table. President elect biden says he has picked a treasury secretary and he has promised to announce that next week. The president elect says his choice will be accepted by all elements of the democratic party, from progressives to moderates. Mentioned,ames being Roger Ferguson and former fed chair janet yellen. Republican senator rick scott of florida confirmed he has tested positive for covid19 senator scott added i am feeling good and experiencing very mild symptoms. As chairman of the Senate Republicans campaign arm, he campaigned last week when republican senators david perdue and kelly left her, both facing runoff phrases for reelection in georgia. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David president elect joe biden will take office in the middle of a pandemic that as of now looks like it will be if anything worse on the day he takes office. His first action in starting his transition was to appoint a task force of medical and scientific expert to help them address the pressing need. We welcome one of those experts, dr. Eric goosby of the university of california San Francisco medical school where he is the head from center of Global Health administering and economics. Lets start with the situation as it is now before we get to the future. How bad does it look it will get and how much can we do to turn the tide in the interim period . Dr. Goosby thank you for that. We are facing a surge like we have never seen in the entire covid outbreak, going back the last eight months, this is the most new cases. We are seeing movement into the middle of the country in a much more aggressive manner. The number of individuals who are becoming positive, the percent positive from impure conservation are able to correlate that with congestion in the emergency room, hospitalizations and transfers to the icu. We are in congestion that will continue to push us to more and more people in the hospital needing evaluations and excluding those with other diseases where individuals on did not present themselves the emergency room for evaluation. We are at a moment of crisis. David it felt like last spring we took parts of the system right up to the point of breaking, certainly here in new york city it was bad. Have we use the time since then to get our medical system more resilient and more capable of dealing with a situation. We cannot borrow from other regions because it seems to be universal across the country. Dr. Goosby that is exactly right. In the earlier summer surge we were able to understand the relationship between the number of cases and how that impacts the emergency room. Usually two and a half to three and a half weeks after those congestions are noted. A congregation of individuals at a social event is usually two to three weeks later that they present with symptoms to the emergency room. Exposureade of converting to positive and then becoming symptomatic has been part of the confusion for those responding to the outbreak. The number of individuals who are infected with covid who become asymptomatic, who did not develop symptoms, are a big part of why our Community Spread has been so hard to quantitate and contain. David it seems like, you would know better than i, there may be help around the corner, but it is around the corner. These vaccines see more promising than people anticipated. How can we get to that point, whether it is the middle of the year when we have widely available vaccines. How can we survive to that position . What do we need to do . Dr. Goosby that is the question. The answer does not inject site meant back into the community. , theesponse we have had masking, the social distancing are the two critical ingredients to interrupting the transmission chain. Without that, we will continue to have new cases and continue to contrast our hospital delivery systems. Our ability to allow the withnations to catch up where the surge has already put us is what we need to do. We need to actively and rapidly deploy these vaccines once approved by the fda, and we will ofit against a Background Health worker high risk, comorbidity, age, and then the general population. I think your timeframe is around late december for the health care worker, firstline workers, essential workers, and all elements from schools to custodial services to nurses and doctors. When you do have a broad definition of essential worker facing relationship with the public. Those individuals need to be covered with ppe and monitored in a more aggressive way. We are hopeful that our ability to do that already with the Trump Administrations efforts. Ith the rapid rollout planning we want to understand where that is and make sure we have looked at issues of equity and disparity. We are anxious to engage. David our view having any engagement at all at this point are you having any engagement at all at this point . Dr. Goosby the engagement is not occurring. The president elect has been aggressive in trying to express the concern around no dialogue. The rollout of the vaccine has put a special urgency on it, with now three manufacturers speaking of high levels of efficacy which tells us we need to plan for distribution specifically guy absolutely. David absolutely. Thank you being with us. That is dr. Eric goosby, professor of medicine at the university of california San Francisco, and this is bloomberg. David this is balance of power on uber television and radio. For bloomberg first word news on Bloomberg Television and radio. We want to tease that we will have pat toomey, the senator from pennsylvania. We will have wall street week on with Larry Summers and Christina Hooper of invesco. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. O